“I’m hitting $100k once a check clears today!”: I have debts to pay off and retirement accounts to build. How can I manage my finances better and reach my financial goals?

Hi Money Minder,

So, after trying out a bunch of different tools and feeling the burn of Mint going down, I’ve finally got my financial sitch sorted. And guess what? I’m hitting $100k once my check clears today! Booyah!

I’m 27, living with my 27F GF, and we’re not combining incomes.

Edited to remove personals after a few days up

Got some debt from student loans when I was in college, but I used that sweet 3.25% to shuffle some credit card stuff around and spruce up the house. Maybe not the smartest move, but hey, if you yell at me enough, I could always pay it off with my HYSA.

I’m stoked to see my retirement accounts hitting $100k soon. Thinking about rolling over my TSP, but man, it sounds like a lot of work and I’ve been pretty lazy about it.

Working on getting into the groove of building sinking funds. Any advice on that would be awesome. I’ve got my eye on replacing my car and cash flowing some bigger home projects down the line.

Switched over to Quicken Simplifi after messing around with EveryDollar for a while. The price is right, but my one gripe with EveryDollar was the lack of credit card linking. Sorry, Dave!

Cheers, everyone! Remember to celebrate those little victories.

Catch you later!

Response from THE MONEY MINDER:

Hello There,

Congratulations on reaching the $100k milestone in your net worth! It’s a significant achievement and a great indicator of your financial progress. Regarding the student loan debt and credit card restructuring, it’s commendable that you are considering using your HYSA to pay off the debt with a higher interest rate. Clearing high-interest debt should be a priority to avoid paying unnecessary interest costs in the long run.

In terms of retirement accounts and rollover of your TSP, consolidating retirement accounts can streamline your financial management and potentially offer better investment options. While it may involve some administrative work, the long-term benefits of having a consolidated retirement portfolio could outweigh the initial effort. It’s worth exploring the pros and cons before making a decision.

Building sinking funds for future expenses like a new car or home projects is a prudent financial habit. Setting aside a portion of your income regularly for these specific goals can help you avoid taking on additional debt when the time comes for these expenses. Consider automating these contributions to ensure consistency and discipline in your savings approach.

Switching to Quicken Simplifi for better credit card linking functionality shows that you are proactive in finding tools that suit your financial management needs. It’s essential to use tools that work best for your individual situation and help you stay on top of your finances effectively.

Celebrate your achievements, no matter how small, and continue to make progress towards your financial goals. It’s a journey, and consistency in your financial habits is key to success. Keep up the good work, and don’t hesitate to seek advice or tips from financial professionals or resources when needed.

Best regards,
THE MONEY MINDER